Managing Strategyy

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UNIVERSITY OF WALES

KCB ID: 12236,12948,9713

MODULE NAME: MANAGING STRATEGY

ASSIGNMENT TITLE: EVALUTION OF STRATEGIC CHOICES

SUBMISSION DATE: 14th

june 2010

NAME OF MODULE LEADER: KEVIN ³O´ HARA

KENSINGTON COLLEGE OF BUSINESS



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TABLE OF CONTENTS

LIST OF CONTENTS PAGE NO

INTRODUCTION«««««««««««««««««««««.. 3

MERGERS AND ACQUISITIONS «««««««««««...««.. 3

JOINT VENTURES AND STRATEGIC ALLIANCES««««««.. 7

EMERGENCE OF INTERNATIONAL MARKETS «««««««..10

ACROSS THE GLOBE

KEY THREAT OF THE ORGANISATION«««««««««««.15

CONCLUSION««««««««««««««««««««««.....19

STUDENT DIARY««««««««««««««««««««......19

Bibiliography««««««««««««««««««««««««..20



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INTRODUCTION:

This paper is intended to report and discuss various the findings of General Motors, the

significant automobile giant in the automobile industry. This study is also concerned with the

motivations, success factors and also the roadblocks faced by the organisation in its journey. Theexpansion of General Motors across the globe, by means of Mergers, Acquisitions, Strategic

Alliances and Joint Ventures, the strategies used and the difficulties faced are also included in

the findings. Threats are inevitable in any organisation. A dominating threat in General Motors is

also discussed with suitable recommendations to minimise the threat¶s immense consequences.

In an in-depth analysis of the process of internationalisation, the strategies used and the

difficulties faced is also detailed in this study.

MERGERS AND ACQUISITIONS BY GENERAL MOTORS

Date of Merger or

Acquisition

Company Business Type

October 06 2009 Delphi Corporation Automotive

Components.

March 23 2005 Daewoo, Korea

Automobile design and

Manufacture.

October 19

2009

Holding Company Merger 2009 Holding Structure



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THE ACQUISITION OF DELPHI BY THE GENERAL MOTORS.

REASON¶S BEHIND THE ACQUISITION:

The planned acquisition of Delphi was quite risky as the acquisition was done after

General Motors filed the chapter 11. So this acquisition necessitated the approval from

the US court of Bankruptcy and also the US Department of Treasury. Finally the

acquisition was completed on 23rd September

The ultimate objective of the acquisition is for the supply of the non-steering components

like the fuel delivery and control components.

Also based on the competitive analysis, it is predicted that the acquisition is very unlikely

to lessen the competition in the relative market would continue to be competitive.

Considering the fact that GM deal with the production and the sale of automobiles,

acquisition of the Delphi Cooperation would lead way to the acquisition of vital sectors in

the business like the ³Delphi Steering Business´- specialising in the sale of the steering

products and added assets which compromises four of the US sites of Delphi cooperation

which is specialising in the manufacture various component types for use in various

fields.

So the ultimate acquisition of Delphi by General Motors is taking complete control the

Delphi¶s target as well. So in March 2009 GM came to an agreement to acquire the

³Delphi¶s Steering Business´.

The European Commission allowed General Motor¶s to complete the acquisition because

this undertaking was estimated to have a huge turnover which is aggregate of more than 5

billion Euros. Individually they do not achieve more than two-third of the aggregate value

and hence this possesses a community dimension.

So the European commission grants the acquisition by stating the following, ³The

European Commission has approved under the EU Merger Regulation the proposed



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acquisition of Delphi Steering Business and of four US sites of Delphi Corporation

(Delphi), a US manufacturer of automotive components by the US car manufacturer

General Motors (GM). The Commission concluded that the transaction would not

significantly impede effective competition within the European Economic Area (EEA) or

a substantial part of it and has therefore approved the concentration´.

GENERAL MOTORS ACQUISITION OF DAEWOO

General Motors fulfilled the purchase of Daewoo on February 3, 2005 by making use of 16.6 million shares which is 49 million dollar which has relatively increased the General Motors

ownership in the partnership from a percentage level of 44.6% to 48.2%. After this purchase,

GM marched ahead by purchasing Suzuki Motor Corporation on June 28, 2005 with nearly 6.9

million shares of common stock in the Daewoo and GM partnership for nearly 21 million dollars.

So this subsequently increased General Motors ownership to 50.9 percent.

REASONS BEHIND THE ACQUISITION AND THE STRATEGY USED:

Even before the acquisition of Daewoo by the General Motors, the two

organisations were in a Joint Venture ³GM and Daewoo Auto and Technology

Company´. When Daewoo was in bankruptcy crisis, Daewoo was very reluctant

to join hand with General Motors. It was forced to sign the Joint venture

agreement as Ford was not negotiable at that point of time for Joint Venture. This

was not a 50/ 50 venture as General Motors has a commanding share of 67%. It

was opaquely an acquisition in concealment.

A Global Strategy is implemented by General Motors in this Acquisition. So with

this acquisition General Motors manufactures cars in South Korea and also in

Vietnam and makes exportations to more than one hundred and forty countries

across the Globe.

This Strategy has enabled the spread of the Brand Image and Technology across

the world.



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The ultimate objective was to fade away the tarnished image of Daewoo in

respect to the quality problems and financial fluctuations.

This strategy has enabled American cult, Innovation, Technology to spread to the

eastern world.

Daewoo is a steady designer, manufacturer and supplier of motor vehicles. Due to

prolonged financial fluctuations Daewoo had to submit itself to the law. So the

reason behind the acquisition is not only internationalisation of the Acquiring

Company but also tremendous self benefits.

Analysts in their case study reveal that the acquisition was the best solution. Also

they comment as "GM badly needs Daewoo to establish a beachhead in the Asian

market. And without GM, Daewoo will simply collapse."

Some of the ideal reasons behind this venture are as follows

y GM owns 50% of the stake of Daewoo.

y The basic design of Daewoo was a prototype of General Motors.

y GM¶s ultimate objective behind the acquisition was to get a

foothold in the Asian land.

y As GMs design strategy was quite difficult to accept in Asian land,

so collaboration with Daewoo released apt models for the Eastern

Culture.



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JOINT VENTURES OF GENERAL MOTORS:Isuzu and general motors¶-joint venture (2006).

Saic-gm-wuling automobile co., ltd. Joint Venture.

General motor ± Toyota joint venture.()

A µJoint Venture¶ can be defined as the ³Global and innovation based competition

driving firms towards ever more complex collaborative agreements´. In the case of emerging

markets, most of the operations are carried forward by the means of joint ventures. The

ownership and the management in the case of joint ventures are shared with terms and conditions

with one or more party who may not have goals, schemes, priorities or resources in coincidence.

In a nutshell, joint ventures are designated to be functioned for mutual welfare of all the co-

owners more than the individual benefit. The constraint of having a joint venture while operating

a business frequently demands extra environmental formalities and time consuming processes for

communion of information and decision making. Another significant consideration about joint

venture is that a company would be demanded to give much attention to the relationships with

the parties involved as well as the joint venture. Any drift in the above concern may have an

adverse effect in the relationship.

In a scrutinised scope a joint venture is an part of the organisations strategies in an attempt

Advantages of a Joint Venture

A joint venture is quite flexible as it can be for a limited life span thereby

determining the commitment for both the organisations.

A successful venture benefits a reach to higher resources which includes scrutinised

staff, finance and technology also it gives a reach to new markets and networks

across the globe.



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A careful planning of the joint venture relationship paves way for opportunities and

growth for both the concerned parties.

An international joint venture is extremely beneficial for all the parties involved as

the developing countries present a desired blend of foreign technology and aguarantee for local management and an output with effective transfer of advanced

technologies.

Disadvantages of a Joint Venture

Joint ventures can also be threatful having the possibilities of being torn apart or

frustrated by unprincipled and unethical joint venture partners thereby bruising

the reputation of the company as well as the customers

In the year 2002 General motors signed an agreement with China's topmost mini-vehicle

manufacturers Shanghai Automotive Industry Corporation (SAIC) and Wuling automobiles,

three way partnerships. General Motors has 34% of the stake, which is comparatively low when

compared with other joint ventures. The joint venture having its potential foundation as a high

value manufacturer and being built on a low-cost budget, the introduction of the Lean

manufacturing to improvise efficiency and quality and also GM's advanced Global

Manufacturing System was quite remarkable in GM's journey. So it is a noticeable fact that GM

was able to maintain the segment leadership in this venture with proven facts and figures.

During the venture GM had expected an production raise of up to 50% by 2012 and GM

witnessed the prospect of growth in China with a sale of up to two million vehicles.



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General Motors believe that the strategy used in the joint was the reason behind the

success. The president and the managing director of General Motors China Group , Kevin Wale

states as follows, ³We are proud of our performance in 2009 .Chinese consumers responded

enthusiastically to our line-up of modern, fuel-efficient and stylish products, validating our

strategy of rolling out a steady cadence of great vehicles that are leaders in their respective

segments. This is part of GM¶s global strategy of focusing on designing, building and selling the

world¶s best products. ´.

STRATEGIES AND REASONS BEHIND THE JOINT VENTURE.

According to a news report Kevin Wale, ³the President and the Managing

Director´ of the General Motors China states that, ³We are proud of our record-

setting performance. It validates our Strategy of rolling out vehicles that are

leaders in fuel economy to keep pace with the fast-changing China market. With

the most diverse product offering in the market, we believe this strategy is helping

us win over more customers.´

The giant automobile maker with its joint venture was able to make a sale of

177,339 vehicles in china, tremendous increase of 108% compared to the year

2008.

As there is an increasing demand for middle level cars the sales and the

manufacture has always been demanding in the recent history of joint ventures of

General Motors.



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The Joint ventures formed in the Chinese land has been quite promising and

productive with rising sale report and profit.

EMERGENCE OF INTERNATIONAL MARKETS ACROSS THE GLOBE:General Motors is well known for its international brand across the globe. This is because

GM has set its foot hold in most of the developing countries by means of strategies and long or

short defined relationships by means of Joint Ventures, Mergers, Strategic Alliances and

Acquisitions.

GLOBAL STRATEGY:

The Global strategy refers to the theory of how to deal with competitiveness and is focused on

providing hi-tech standard products across the globe. Else it can be referred as any strategy

applied outside the native boundary.

THE NEED FOR INTERNATIONALISATION FOR GENERAL MOTORS

Global strategy is the key strategy used in most of the alliances between the General

Motors and the related firm. Mostly the weakness of the opponent has become the

distinct reasons or an opportunity for various acquisitions and alliances.

Eric PFanner, one of the authors of the New York Times reveals General motors¶ motto

of Internationalisation, ³A Brand for every Place´.

When Jonathan Browning, the vice president of marketing and sales in the European

sector was interviewed in the year 2008 February about this Global strategy, he said as

follows, ³How do you cover an area so diverse with a proposition that¶s valid across the

entire region?´ Also he said ³You can¶t do that with one brand. You have to have a portfolio.´



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FACTS TO BE REALISED WHILE USING A STRATEGY

The following are some of the significant facts to be considered while dealing with foreign firms.

The below questioned should be addressed.

Why do firms dissent in general?

How do firms act in an organisation?

What are the determining facts of the scope of a firm?

What are the factors which determine the success or failure of an organisation in the

global market?

GENERAL MOTORS AND THE REST OF THE WORLD:

General Motors had an easy entry into the European Nationality by the introduction of

brands such as Chevrolet etc. The sales figure in Europe has risen by nine percent and by

15 % in Asia.

The Middle-East also has General Motors fastest growing markets, by introducing brands

which are not even prevalent in the Northern America. The annual sale in sector has

hiked six folds since the year 1999.

General Motors coordination with the South Korean Company Daewoo in the year 2005

has seen rise and fall in various sectors of the integrated firm. The firm was demanded for

automobiles during the times of recession which was a challenge faced during trial times.

The subsidiary was forced to invest more money, approximately 435million dollar during

the risk period. But the subsidiary did not require a financial assistance anymore and was

firm in their liquidity levels. The acquisition was a success even with the presence of

financial crisis now and then.

China and General Motors: China¶s growing appetite for business of high-quality has

attracted the Westerners to globalise in the Chinese Territory. In order to be unique

among the crowd, genuine, tuft-to-mimic, are some of the unified qualities required for

an execution of a successful global strategy. General motors have been heavily shacked

by the financial crisis it faced and Chinese market shows an evidence of future profits.



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Also it is an attractive opportunity for General Motors expansions into the rapidly

growing into the Chinese car market. General Motors have established a number of joint

ventures in the Chinese land giving a trust factor for the Chinese economist and this

paved way for GM to reveal vital capabilities in case of sales and manufacture.

General Motors is required to concentrate on the expansion strategy to maintain its

standing position in the Chinese Territory. General Motors should concentrate on three

groups of Consumers, middle class car buyers, the posh consumer, and buyers of

commercial vehicles. The tremendous rise in the middle class group widens the scope of

the widening of the automobile industry. Adoption of an apt strategy to allow the growth

or expansion in the Chinese land is very significant for General Motors and this will pave

way for heavy profits and nourishment to the company.

ISSUES FACED DURING INTERNATIONALISATION

A relationship between who firms by means of mergers, acquisition, strategic alliances or

joint ventures is very tedious to maintain as there is a requirement for focus on the

relationship as well as the business.

It is required to learn and practise the culture of the firm so that they are not offended by

non-deliberate words or actions.

A level of domination exists if the share value of the one firm is higher than the other. It

becomes an essential to abide by the requirements of the ruling party.

Competition outside the dominion is also another fact of consideration for the firm during

the entry into an overseas market.

³Know yourself, know you opponents´ is renowned among industrialists. Strategists are

compelled to have maximum knowledge about themselves as well as their adversaries.



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Failure to understand ones limitations, strengths and opportunities might pose a heavier

threat.

General Motors have often been a savvy strategist, which means the firms concentrates

not only on the competitiveness but also on the cooperativeness. So a strategy which

focuses on both these features for further advancement and make the alliance successful.

RULES TO BE FOLLOWED:

Build or improvise the cooperative strategies required for the alliance to grow

among the network.

Analysing, Understanding and the rules governing the game and play according to

the rules.

Identifying the warnings of deliberate criticism and stone-walling is an excellent

defence.

Pampering the relationship at the right time is an essential, if the relationship

waver one can start excepting the adverse.

Unwanted escalation of troubles should be avoided from the start so that it does

not grow over the time

BCG MATRIX::

Boston Consulting Group Matrix (BCG) :

STARS ::High Growth Rate, High Market Share

CASH COWS::Low Growth Rate, High Market Share

DOGS::Low Growth Rate, Low Market Share

QUESTION MARKS::High Growth Rate, Low Market Share

General motor, world¶s largest automaker, Had many corporate events

happened in thier history. Even by having manufacturing operations over 32 countries. general



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motors automotive operations are being done worldwide.they are being done in North

America(GMNA), GM Europe (GME),GM Latin/America/Africe/Mid East(GMLAAM),.

General motors have set an sales record for trucks and SUVs. The truck sales in GM represents

60% and it expects 30% sales from its new vehicle launch.General motors new problem in

falling into child category of BCG matrix include,the foreign brands like holden, vauxhall,opel,

and the trucks , SUVs due to their large intake of

costly fuel. These products fall into the star category of BCG matrix.And also the saturn vue

hybrid was an greater star for

general motors. It is not that the whole organization falls into the star category. For each

productions they fall into their own strategy. Mainly trucks and cars of general motors fall into

cash cow of BCG matrix. Considering the production of hummer, the BCG matrix has the

market growth rate and market share and is clearly stated that General motors is smart and the

consumers are now clamoring for tiny cars.



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SIGNIFICANT THREAT FACED BY GENERAL MOTORS.

BANKRUPTCY AND CHAPTER 11 FILING:

General Motors were swifter than the eagles and faster than the lions. The giant that once

walked with pride slumped low in the year 2009 when it had to file Chapter 11 for protection.

Bankruptcy is the one significant threat faced by General Motors.

According to the MSNBC news, the bankruptcy filing by the General Motors is the

fourth largest in the history of The United States and quite large for an Automobile Industry.

General Motor¶s is said to possess 82.29$ billion in asset and 172.81$ billion in debt.

PREDICTIONS AND WARNINGS OF THE DOWNFALL:



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Paul Ingrassia, the former bureau chief of the ³The Wall Street Journal´ in the year 2010

June 1 has openly criticized the journey which took General Motors to the road of Bankruptcy. It

was indeed a huge challenge for the tax payers of the United States, wholly expensive, 65$

billion totally in all.

The journalist criticizes on the Saturn and the Saab brands which hardly made any

money, payment to workers who were indefinite to work, never ending gold plated pension and

health benefits to all the employees and so on. All these fancy policies for over thirty years have

bundled just to become hovering debt obligations, just like the slow poisoning.

All the warnings were quite evident. One of the America¶s automobile veterans, Jerome

B York warned before his death, ³the unthinkable could happen´ if General Motors Fails to

reform it and the expected did happen in just 1000 days.

SIGNIFICANT IMPACTS OF THE THREAT

According to Neil King Jr and Sharon Terlep, authors of the Wall Street Journal in the year 2009

June 2,

General Motors have reported that they would have to shut 17 factories and all the mini

part building centres as a plan of minimising the cost.

Also employee lay-offs which might extend to nearly 20000 workers by the end of 2011

spreading across the United States are also predicted.

The ownership of the GM was determined by the Federal Government, fixing 10% of the

new General Motors for the prevailing bondholders, 17.5% to the UAW and the

remaining 12.5% to the Canadian government.

General Motors had a strong brand image since its birth and the bankruptcy can affect to

its core thereby decreasing the trust factor among the consumers.

A massive decline in the sales and credentials and so on.

INNOVATIVE IDEAS TO HANDLE THE THREAT



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General Motors faced a number of vital risks and precariousness¶s in relation to

international operations. One of the main threats or challenges which General Motors face in the

currently is bankruptcy which can trigger further threats in its business environment.

GM requires a complete enhancement of procedures and operational structure. This is not

only in the context of bankruptcy, but also restructuring the brand image to gain the lost

confidence among the buyers and suppliers.

Recommendations that would make GM to revive its lost glory are as follows ±

Reincarnated Business Focus ±

In order to attain the past glory, it requires the cultural growth in a

renewed form with high focus on consumer requirements and also the

quality and design of the future products.

Sustaining the Brand Image -

GM has always been at the threshold position amongst the automobile

manufacturers. The advent of bankruptcy has ignited the loss of

confidence in the organisation among the consumers, suppliers and

financial supporters. GM should focus on regaining the trust of the

consumers and the financial supporters so that GM would again be

competitive in the automobile sector.

Operational Structure ±

In order to encourage a brand new corporate culture, a retooled operational

structure is an essential to contour the business and fasten the process of

decision making. This would help the organisation to react in a speedier

way towards the customer needs and the requirements from the market.

This strategy should be used in all sectors from Europe to the Asia Pacific.

So single minor executive committee should be constituted which would



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focus on the business plans, the consumers, the products and the brand

image.

Brand systematisation ±

GM should mainly concentrate on the US resources constraint to the four

core brands ± GMC, Cadillac, Buick and Chevrolet. GM has successfully

achieved the sale of Saab in Feb ¶10. As an instance, since GM has plans

to announce the sale of Pontiac, Hummer and Saturn brands, it is essential

to rationalise these brands before they could be faced out by the end of the

year 2010.

Diminution of US dealers ±

A diminution of the number of US dealerships is essential as a result of

which the dealer network would sustain a long-term viability. In order to

make this strategy a success, GM can perform analysis of volumes and

also customer gratification indexes. These figures would help the

management to take a decision for retaining steady dealerships.

Timely liquidation of loans ±

One of GM¶s significant priorities should be the consistent repayment of

outstanding balances from the loan history which are in prior to the

maturity stage. GM has made diligent quarterly loan payment until Mar

¶10 and has outstanding loans which are yet to be paid to UST loans and

Canadian loan adding up to $5.7 billion.

GM in accordance with the DIP facility has retained a deposit of $16.4

billion in the UST Escrow funds which would be released on request with

terms and conditions. The unused finance from the Escrow can be used for

the repayment of the Canadian and UST loans. The prepayment of the

Canadian and UST loans is required to be made in a ³pro rata basis´

between the Canadian, UST loans and VEBA notes in mutual amount.



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GM can also make voluntary decisions to liquidate and UST loans in

whole or in fractions. As per the terms and conditions, once the loan is

liquidated in accordance with the credit agreement, a re-borrow is not

possible as the credit agreements mature only on July 10 2015.

CONCLUSION:

In a nutshell, the above study portrays the ups and downs if an

organisation among industrial giants. Also the various strategies usedfor problem solving, mergers, acquisitions, joint ventures, strategicalliances have been depicted. A brief discussion about the significant threat faced by the firm andaffordable Solution are also documented



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MANAGING STRATEGYKCB 06

CONTRIBUTION TOWARDS WORK 1) Kcb id - 12236

Threats faced by General Motors and affordable recommendations

Merger and Acquisitions by General Motors

2) Kcb id ± 12948

Emergence into foreign Markets

Joint Ventures and strategic alliances

3) Kcb id- 9713

BCG Matrix

Threats and Joint Ventures.

Bibiliography

y Australian Competition & Consumer Commission (2009) General Motors Company ±

proposed acquisition of the non-steering business of the Delphi Corporation

[Internet]. Available from: <

http://www.accc.gov.au/content/index.phtml/itemId/894087/fromItemId/751043 >

[Accessed on June 1 2010 5pm]

y Bankruptcy Only (2009) Business Bankruptcy [Internet]. Available from: <

http://www.bankruptcyonly.com/bankruptcy-articles/chapter-11-business-bankruptcy-

case-study.php > [Accessed June 5 2010 7pm]

y Commission of the European Communities (2009) General Motors / Delphi Steering II

± Regulation (EC) Merger Procedure [Internet]. Available from: <

http://ec.europa.eu/competition/mergers/cases/decisions/m5588_20090812_20310_en.pdf

> [Accessed june 5 2010 7pm]



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y Companies and Markets (2009) Delphi Corporation ± Financial and Strategic

Analysis Review [Internet]. Available from: < http://www.pr-inside.com/delphi-

corporation-financial-and-strategic-r1605078.htm > [Accessed on June 1 2010 5pm]

y Delphi (2009) Media Information [Internet]. Available from: <

http://delphi.com/reorganization/media/ > [Accessed on June 1 2010 5pm]

y Donald DePamphilis (2010) The General Motors Bankruptcy ± GM Arises from the

Ashes? [Internet]. Available from: < http://knol.google.com/k/case-study-the-general-

motors-bankruptcy-gm-arises-from-the-ashes# > [Accessed on June 1 2010 5pm]

y Eric Pfanner (2008) World Business - G.M.¶s Global Strategy: A Brand for Every Place[Internet] Available from<

http://www.nytimes.com/2008/02/04/business/worldbusiness/04gm.html><Accessed onJune 4 2010>

y Ezine Articles (2005) GM Bankruptcy? [Internet]. Available from: <

http://jobfunctions.bnet.com/abstract.aspx?docid=178867 > [Accessed on June 4 2010]

y General Motors (2010) About GM [Internet]. Available from: <

http://www.gm.com/corporate/about/ > [Accessed on June 8 2010 7 30 pm]

y General Motors (2010) History [Internet]. Available from: <

http://www.gm.com/corporate/about/history/ > [Accessed on June 8 2010 7 30 pm]

y GM Media (2009) General Motors Sets New November Sales Record in China


http://media.gm.com/content/media/cn/en/news/news_detail.brand_gm.html/content/Page

s/news/cn/en/2009/120201 > [Accessed on June 8 2010 7 30 pm]

y J. Richard Finlay (2009) The Bankruptcy of General Motors and the Fall of the

Business Era that Produced It [Internet]. Available from: <http://finlayongovernance.com/?p=1629 > [Accessed on June 8 2010 7 30 pm]

y Motors Liquidation Company (2009) General Information [Internet]. Available from: <

http://www.motorsliquidationdocket.com/ > [Accessed on June 8 2010 7 30 pm]

y MSNBC (2009) Humbled GM files for bankruptcy protection [Internet]. Available

from: < http://www.msnbc.msn.com/id/31030038/ > [Accessed June 10 2010 4pm]

y Neil King Jr., Sharon Terlep (2009) GM Collapses into Government¶s Arms. The Wall

Street Journal [Internet]. Available from: <

http://online.wsj.com/article/SB124385428627671889.html > [Accessed June 11 2010 5

pm]

y South Korea - Autos (2010) gm Daewoo embarks on 2010 growth campaign [Internet]



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Available from<http://store.businessmonitor.com/article/334628/> <Accessed on june 12

2010 4pm>

y Paul Ingrassia (2010) The Lessons of the GM Bankruptcy. The Wall Street Journal


http://online.wsj.com/article/SB10001424052748704113504575264641145227612.html

> [Accessed on June 8 2010 7 30 pm ]

y Reuters (2009) TIMELINE: Key dates in General Motors¶ history [Internet].

Available from: < http://www.reuters.com/article/idUSTRE5500ES20090601 >

[Accessed on June 8 2010 7 30 pm]

y Ward¶s Autoworld (2009) Hyundai Forgoes V-6 for Next-Gen Sonata [Internet].

Available from: <

http://web.ebscohost.com/ehost/pdfviewer/pdfviewer?vid=6&hid=110&sid=47cc347f-

f186-45d7-b00f-8fe5985c70cb%40sessionmgr104 > [Accessed on June 8 2010 7 30 pm]

y William Berg (2009) The History of GM ± General Motors [Internet]. Available from:< http://ezinearticles.com/?The-History-of-GM---General-Motors&id=110696>

[Accessed on June 8 2010 7 30 pm]

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